I like how QB can keep track of expense for a job then when it's time to invoice them you can pull them over and mark them up. Great!
However many time when I get ready to invoice the customer the credit card statements have not yet arrived so the "expense' has not yet occurred.
How do you handle this? Just put them in manually on the invoice and "charge" them to the job when they arrive? Would that not leave an "un-charged" expense?
Anyone?
Don't you post individual cc charges at the time they are charged? That would be your answer. Then, when the CC statement arrives, everything is already posted & billed and you are ready to reconcile your CC and pay. Why wait until the CC statement arrives to post charges?
Well, according to my accountant, credit card charges become liabilities for the company as soon as they are posted to my account, which for all practical purposes is when I incur the charges.
I assume you post the credit card charges when you make them. At that time, you need to associated each charge with a customer and job, if you use jobs. If you do that, the charges will be available to be automatically added to the customer's invoice whether or not the bill has arrived from the credit card company.
-- Vic Roberts Replace xxx with vdr in e-mail address.
Thanks...Victor and Owen. I was waiting until they showed up but it would be better to enter them as they occur.
I was posting my credit card charges like you describe, as they were incurred, and my accountant instructed me to stop doing that and wait until the statement was received to enter the charges. Funny how different accountants prefer different methods. The reports do seem much better this way, as my accountant has requested.
Sue
and my accountant instructed me to stop doing that and wait until the statement was received to enter the charges. Funny how different accountants prefer different methods. The reports do seem much better this way, as my accountant has requested.
You need both a new accountant and a news reader that wraps lines. Credit card charges become liabilities when they are posted to your account.
-- Vic Roberts Replace xxx with vdr in e-mail address.
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